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Post the closing entries to the capital? accounts

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Reference no: EM133118043

Question - SAC and Company is a partnership owned by K. Savard?, R. Abel and J. Carlton?, who share profits and losses in the ratio of ?1:2?:4. The adjusted trial balance of the partnership? (in condensed? form) at June? 30, 2020?, follows.

SAC and Company Adjusted Trial Balance 30-Jun-20

Account

Debit

Credit

Cash

$163,000

Noncash assets

805,000

Liabilities

$690,000

K. Savard, capital

156,000

R. Abel, capital

283,000

J. Carlton, capital

434,000

K. Savard, withdrawals

128,000

R. Abel, withdrawals

272,000

J. Carlton, withdrawals

321,000

Revenues

752,000

Expenses

626,000

Totals

$2,315,000

$2,315,000

Required -

1. Prepare the June? 30, 2020?, entries to close the? Revenue, Expense, Income? Summary, and Withdrawals accounts.

2. Using? T-accounts, insert the opening balances in the? partners' Capital? accounts, post the closing entries to the Capital? accounts, and determine each? partner's ending Capital balance.

Reference no: EM133118043

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